Popular cryptocurrency analyst Peter Brandt has sparked significant controversy by suggesting that Bitcoin (BTC) may have reached its peak for this cycle.
According to Peter Brandt's "exponential decay" model, there's a very low probability that Bitcoin peaked at $70,000 this cycle. Numerous other pricing models and forecasts suggest that Bitcoin is far from this cycle's peak and could reach up to $210,000 before the bull run ends.
On April 27, the seasoned trader and analyst Peter Brandt released a theory suggesting that Bitcoin's bull market cycles exhibit a pattern of "exponential decay."
This occurs when each successive cycle reaches a peak price about 20% of the previous cycle's all-time high (ATH). Data shows this pattern has occurred over the last three Bitcoin market cycles. "In other words, the exponential energy of each successful bull cycle has diminished by 80 percent," stated Brandt.
Based on this rate of decline, Brandt estimated that the current cycle would only see gains of 4.5 times from a low of around $15,500. Therefore, the cycle's peak would be around $70,000, a level already surpassed in March when prices exceeded $73,000.
However, Brandt isn't entirely convinced by this theory and estimates a 25% chance that #BTC has already peaked this cycle. Others argue that alternative models also refute this theory.
Commenting on his theory, Brandt said, "If we exclude the pre-halving period, we only have 3 data points; if we consider the ratios, we actually only have 2 data points," adding, "That’s not enough data to create significant statistics."
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